Bank of England cuts interest rates to 4.75%

The Bank of England has reduced its base interest rate from 5% to 4.75%, the second recent cut aimed at boosting the economy as inflation slows.

With the rate now at 4.75%, the property market may gain momentum. The reduction could attract more buyers, as mortgage lenders are likely to continue offering competitive rates, making homeownership more accessible—especially for first-time buyers and sellers.

The rate cut is set to make loans and mortgages more affordable, creating more favourable conditions for those seeking financing, though savers may experience lower returns as banks adjust to the new rate.

With inflation down to 1.7%, below the 2% target, the Bank has the opportunity to support growth without risking higher living costs. This decision is expected to positively impact consumer confidence, spending, and economic health in the coming months.

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